[B]Bias: [/B] While 1.6425-50 caps I look for further losses
I couldn't have got yesterday more wrong. The loss of 1.6420-30 was enough to extend losses firmly to reach 1.6358. As long as any correction from here remains below 1.6425-50 we should see losses extend back down through 1.6323 and to the 1.6296 projection. There is a slightly deeper projection at 1.6267 also so keep this in mind, but I prefer the 1.6296 target for now. This should trigger a correction back to 1.6370-00 at least. However, further losses should then develop.
Only a direct break above 1.6450 would concern. There is also the 1.6480-90 pivot resistance but only above here would suggest a move back to 1.6518-43. Below 1.6267 is further support at 1.6220 and then the 1.6165 major swing low.
Please view the complete analysis in the attached PDF file. For a full description of how to use the analysis please see the Analysis page of my website.
[B][CENTER][URL="http://www.harmonic-ewave.com/Services.html"]HARMONIC ELLIOTT WAVE FORECASTS NOW AVAILABLE FOR U.S. INDICES[/URL][/CENTER][/B]
Disclaimer: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Any opinions, news, research, analyses, prices, or other information contained on this website is provided as general market commentary and does not constitute investment advice. Forex Capital Markets LLC. will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
English
Español
Français
中文
Deutsch
Italiano
العربية
Sverige
Ελληνικά
Go to Profile
Mark as Read
